Happy #WarehouseWednesday! A near million-square-foot distribution hub in Southern Dallas just changed hands.
The recently completed warehouse is south of Interstate 20 at 4450 Logistics Drive.
A project of Atlanta-based Core5 Industrial Partners, the modern industrial building cost $52 million to build. Its primary tenant is Illinois-based KeHe Distributors, a company that provides products to grocers. Scout Cold Logistics has picked up the property for an undisclosed amount, according to the Dallas Morning News.
The Miami-based buyer owns and operates refrigerated warehouses in markets across the country. Architect Ware Malcomb’s description of the structure: “new industrial warehouse that includes freezer/cooler cold storage, dry warehouse and office spaces.”
Scout Cold Logistics already has North Texas buildings in Lancaster and North Fort Worth. Its most recent reported purchase was a warehouse in Haverhill, Massachusetts for $36 million.
Bank of America funded the purchase, although the terms of the deal weren’t reported.
Between January and October of this year, more than $4.05 billion worth of industrial properties in the Dallas-Fort Worth area have changed hands. With 67 million square feet of warehouse and distribution space under construction in the month of October, the metroplex is the most active industrial market in the country. Last month, a report from national commercial brokerage Savills warned that the pipeline had far exceeded the 50 million square feet threshold, potentially putting the market at serious risk of becoming oversupplied.
— Maddy Sperling